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The big news was the continuing expansion of employment in April, and the decline in the unemployment rate. Average hourly earnings increased, but the workweek decreased. As the manufacturing workweek is a component of the Index of Leading Indicators, this will be reflected in that compilation. April light vehicle sales declined. The ISM manufacturing index was barely positive, the Chicago PMI barely negative. ISM services were positive. In the rear view window, Q1 productivity and unit labor costs, and the employment cost index all rose. March factory orders and construction spending
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